ServiceModel
Applications in Financial Services
ProModel advanced simulation technology can be applied to any transaction-related financial services process to reduce cost, increase productivity, accelerate cycle time and improve customer service. Innovative market leaders including American Express, Chase Manhattan Bank, FleetBoston, Union Bank of California and Prudential Insurance, have already implemented ProModel financial service solutions
Applications in banking
- Item/Check Processing (Day 1 and 2)
- Deposit Operations (Lock box, ATM, Return Teller)
- Branch Operations
- Mortgage Origination/Servicing
- Refinancing
- Lines of Credit
- Call Centers
- Shared Services
- Credit Cards
- Currency Operations
- Auto Loans / Leases
- Prime/Sub-Prime Markets
Key applications in banking include:
Site consolidation planning: evaluate impact of proposed site consolidation plans and load balancing strategies. Test and refine "standardised" processes prior to rollout.
Six Sigma support: dynamic simulation modeling supports Six Sigma's DMAIC (Define, Measure, Analyse, Improve, and Control) methodology. By enabling rapid hypothesis testing and experimentation, simulation increases the ability to identify high impact opportunities for customer service improvement and cost reduction.
Channel analysis: identify unit cost to process transactions via different delivery channels.
Staff scheduling: align resource capacity with expected demand to minimise personnel expenses while satisfying service level standards.
Disaster recovery planning: experience crisis scenarios and test alternative contingency plans in a safe, risk-free environment. Proactively stress-test your processes to identify process "break points" and identify mitigating strategies.
Applications in insurance
- New Policy Issuance and Underwriting
- Account Servicing (remittance, renewals, policy changes)
- Claims Processing
Key applications in insurance include:
LAE Reduction: identify key expense drivers and redesign processes and decision rules to takeout cost and improve subrogation effectiveness. These actions will enhance the Technical Result.
Customer Service Improvement: expedite policy issuance, change requests, and claims settlement processes, and schedule staff to achieve desired service levels.
Disaster Recovery Planning: experience crisis scenarios and test alternative contingency plans in a safe, simulated environment.
Risk Mitigation: reduce risks associated with process changes by first testing in a controlled, virtual environment. Increase confidence that changes will have the desired impact/benefit before costly implementation. Policy Lifecycle Modeling (underwriting, account servicing, claims handling) - conduct comprehensive analysis of the entire policy lifecycle. By better understanding their policy-related expenses, carriers can more accurately set premiums.
Policy Lifecycle Modeling: (underwriting, account servicing, claims handling) - conduct comprehensive analysis of the entire policy lifecycle. By better understanding their policy-related expenses, carriers can more accurately set premiums.
Applications in securities
- Broker/Dealers
- Global Custodians
- Infrastructure Service Providers
- Foreign Exchange
- Global Trade
- Commercial Paper
Key applications in insurance include:
Prototyping and Compliance Assessment: determine if processes and target operating environments conform to T+1/STP guidelines. Identify critical processing paths, bottlenecks, and delay points within trading and settlement processes.
Project Portfolio Analyser: prioritise portfolio of planned IT and process initiatives based on rigorous cost/benefit and ROI analysis.
Predictive Modeling and Analysis: quantify the expected impact of frequent but uncontrollable external events (e.g., monetary policy changes, currency devaluation, holidays) and develop proactive management policies. Assess the trade surge capacity of the baseline future environment.
Site Consolidation Planning: evaluate impact of proposed site consolidation plans and load balancing strategies. Test and refine "standardised" processes prior to rollout.
Disaster Recovery Planning: experience crisis scenarios and test alternative contingency plans in a safe, simulated environment. Proactively stress-test your processes to identify process "break points" and identify mitigating strategies.